Suzlon Energy shares slip again; is further upside unlikely?

Shares of Suzlon Energy Ltd slipped on Monday, resuming their downward trajectory after a brief one-session pause. The stock declined 0.84 per cent to settle at Rs 62.77 on BSE. Market participants remain cautious despite the renewable energy major securing significant projects amid rising geopolitical tensions.

In a recent regulatory filing, Suzlon said it secured its third successive order from AMPIN for a 170.1 MW wind energy project in Kurnool, Andhra Pradesh. Under the agreement, Suzlon will supply 54 of its advanced S144 wind turbine generators (WTGs), each with a rated capacity of 3.15 MW. The turbines will be mounted on Hybrid Lattice Towers (HLT), known for their efficiency and cost-effectiveness.

The contract includes the complete scope of project execution — from equipment supply to installation, commissioning and long-term operations along with maintenance. The repeat order underscores AMPIN’s confidence in Suzlon’s execution capabilities and technology.

Technically, Suzlon is undergoing a short-term correction after hitting Rs 74.30, with key support seen in the Rs 62–60 range. A breach below this zone may weaken the outlook, while a move above Rs 66–67 could revive bullish momentum. Analysts advise waiting for a bullish candlestick near support before entering fresh positions. A rebound could lead the stock towards Rs 70, but a close below Rs 59 would negate the current positive setup.

Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, said, “Suzlon has been experiencing some cooling off recently, having corrected from its recent high of Rs 74.30. The stock holds support in the Rs 62–60 range, and a breach below this zone could disrupt the short-term outlook. On the upside, a breakout above the Rs 66–67 zone is likely to trigger fresh momentum in the counter.”

Kunal Kamble, Senior Technical Research Analyst, Bonanza Portfolio, noted that Rs 62.78 could act as near-term support for Suzlon, with a stronger base at Rs 60 — a level that previously served as resistance and now aligns as key support. “Traders are advised to wait for a bullish candlestick confirmation near these levels before initiating fresh long positions. A rebound from support may drive the stock towards Rs 70, while a close below Rs 59 would invalidate the bullish setup,” he also stated.

Suzlon Energy is a renewable energy solutions provider and produces wind turbines. It offers a range of solar energy solutions, such as solar irradiance assessment, land acquisition and approvals, infrastructure and power evacuation, supply chain, installation and commission and life cycle asset management. As of March 2025, promoters held a 13.25 per cent stake in the company.